Arizona Foreclosures Decline in November

Arizona Foreclosures Decline in November

 

Filings down 37 percent from October; rate fourth highest in the nation

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,384 Arizona properties in November, down 37 percent from the previous month and a nearly 28 percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 262 Arizona housing units received a foreclosure filing in November, the fourth highest state foreclosure rate in the nation.

 

“Foreclosure activity in Arizona dropped substantially in November to a level well below both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the ‘robo-signing’ controversy has led to many foreclosures being put on hold temporarily, the state may very well see another hike in foreclosure activity should its unemployment rate remain high.”

 

California reported 57,378 properties with foreclosure filings, remaining firmly established as the national frontrunner. Florida had the second highest total, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Pinal County tops state in foreclosure rate for November

One in every 169 housing units received a foreclosure filing in Pinal County in November — 2.9 times the national average and 1.6 times the state average. Maricopa County came in second, reporting one in every 217 housing units receiving a foreclosure filing — 2.3 times the national average and 1.2 times the state average. Mohave County came in third, with one in every 241 housing units receiving a foreclosure filing — twice the national average and 1.1 times the state average.

 

Maricopa County accounts for bulk of state’s foreclosure total in November

Maricopa County had the highest county foreclosure total in November, reporting 7,236 properties with foreclosure filings. Pima County had the second highest total, reporting 969 properties with foreclosure filings. Pinal County was third highest, tallying 860 properties with foreclosure filings. Mohave County reported 423 properties with foreclosure filings for the month, the state’s fourth highest activity level. Yavapai County was fifth, reporting 345 properties with foreclosure filings.

 

State a significant contributor to nation’s foreclosure total

Arizona accounted for 4 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Arizona Top Foreclosure Rates By County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Arizona

17

0

7,488

0

2,879

10,384

262

1.88

n/a

 

 

 

 

 

 

 

 

 

 

Pinal

0

0

600

0

260

860

169

2.91

1.55

Maricopa

17

0

5,127

0

2,092

7,236

217

2.27

1.21

Mohave

0

0

350

0

73

423

241

2.04

1.09

Yavapai

0

0

253

0

92

345

307

1.60

0.85

Santa Cruz

0

0

39

0

16

55

315

1.56

0.83

 

 

Arizona Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Arizona

17

0

7,488

0

2,879

10,384

262

-37.21

-27.63

 

 

 

 

 

 

 

 

 

 

Maricopa

17

0

5,127

0

2,092

7,236

217

-38.06

-25.90

Pima

0

0

741

0

228

969

440

-39.96

-37.44

Pinal

0

0

600

0

260

860

169

-44.30

-37.64

Mohave

0

0

350

0

73

423

241

-15.74

-33.07

Yavapai

0

0

253

0

92

345

307

-23.84

-25.81

 

 

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